Effective April 1, 2001, the Group adopted EITF Issue No. 99–20 “Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets” (“EITF 99–20”). EITF 99–20 provides guidance regarding income recognition and determination of impairment on certain asset-backed securities held as investments, with particular impact on those investments held outside of trading accounts. The adoption of EITF 99–20 did not have a material impact on the Group’s consolidated financial statements and did not result in a cumulative effect of a change in accounting principle.
The following information is part of the consolidated financial statements as of 31 December 2003, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.
EITF 99-20
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